Adjustable-Rate Mortgages

Planning to move or refinance over the next few years—or do you expect your income to increase? Then an adjustable-rate mortgage (ARM), with lower initial interest rates, may make sense for you.

Best if you

  • Want an initially lower monthly payment
  • Plan to refinance or move in the next few years
  • Expect a future increase in income

Benefits

  • Enjoy lower payments at the beginning of your loan term
  • Explore the potential for a larger loan amount
  • Choose from adjustable-rate mortgage options of 3, 5, 7 or 10 years

Estimate your rates

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Still exploring?

Buying a home is exciting, but it can also be overwhelming. You can feel more confident about this important milestone if you see the home-buying process as a series of steps.

Making a down payment for your new home can be difficult, but there are many down payment assistance options that may be able to help you.

Find out how much house you can afford given your monthly budget.

Not convinced that an adjustable-rate mortgage is right for you?

Interest rates and APRs are based on current market rates and are for informational purposes only. Rates are subject to change without notice and may be subject to increase based on property type, loan amount, loan-to-value, credit score and other variables. Call your local mortgage loan professional for more details. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. The proposed monthly payment and rate does not include estimated tax payments or monthly premium payments for flood insurance or homeowners insurance. These amounts will be determined at a later date.

For comparison purposes, a 30-year fixed rate mortgage of $200,000 with a 20% down payment at an APR of 4.055% with 0 points and a $895 origination fee with a credit score over 720 would result in 360 equal payments of $954.83. This payment does not include tax or insurance costs; the total payment obligation may be higher. This is a representative example based upon rates that were effective as of 11/17/16. Rates and programs may change at any time.

For comparison purposes, a 15-year fixed rate mortgage of $200,000 with a 20% down payment at an APR of 3.275% with 0.375 points and a $895 origination fee with a credit score over 720 would result 180 equal payments of $1,393.22. This payment does not include tax or insurance costs; the total payment obligation may be higher. This is a representative example based upon rates that were effective as of 11/17/16. Rates and programs may change at any time.

For comparison purposes, a 3-year adjustable rate mortgage of $200,000 with a 20% down payment at an APR of 3.787% with 0 points and a $895 origination fee with a credit score of 740 would result in 36 equal payments of $870.41 and 324 equal payments of $934.57. This payment does not include tax or insurance costs; the total payment obligation may be higher. This is a representative example based upon rates that were effective as of 11/17/16. Rates and programs may change at any time.

For comparison purposes, a 5-year adjustable rate mortgage of $200,000 with a 20% down payment at an APR of 3.707% with 0 points and a $895 origination fee with a credit score of 740 would result in 60 equal payments of $870.41 and 300 equal payments of $930.50. This payment does not include tax or insurance costs; the total payment obligation may be higher. This is a representative example based upon rates that were effective as of 11/17/16. Rates and programs may change at any time.

For comparison purposes, a 7-year adjustable rate mortgage of $200,000 with a 20% down payment at an APR of 3.753% with 0 points and a $895 origination fee with a credit score of 740 would result in 84 equal payments of $898.09 and 276 equal payments of $932.08. This payment does not include tax or insurance costs; the total payment obligation may be higher. This is a representative example based upon rates that were effective as of 11/17/16. Rates and programs may change at any time.

For comparison purposes, a 10-year adjustable rate mortgage of $200,000 with a 20% down payment at an APR of 3.698% with 0 points and a $895 origination fee with a credit score of 740 would result in 120 equal payments of $898.09 and 240 equal payments of $928.21. This payment does not include tax or insurance costs; the total payment obligation may be higher. This is a representative example based upon rates that were effective as of 11/17/16. Rates and programs may change at any time.

Adjustable-rate mortgage (ARM) rates and payments assume no increase in the financial index after the initial fixed period of the loan. ARM rates and monthly payments are subject to increase after the initial fixed period.

Loans, lines of credit and credit cards are subject to credit approval.

All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

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